The report titled “Acquisition of Affordable Housing Development Project at 355 Coxwell Avenue” outlines the City of Toronto’s proposal to acquire a vacant development site for affordable housing. The property, located at 355 Coxwell Avenue, is being offered by Habitat for Humanity GTA for $3,800,000, with the acquisition aimed at ensuring the delivery of affordable housing in the area.

The proposed development includes a six-storey cooperative building featuring 33 apartments, comprising one-, two-, and three-bedroom units. This project has previously received approvals under the Open Door Affordable Rental Housing Program, which provides funding and incentives to support affordable housing initiatives.

However, due to rising construction costs, interest rates, and changes in federal funding programs, the project has faced significant financial challenges, making it no longer viable for Community Affordable Housing Solutions (CAHS) and Habitat as developers. Recognizing the urgency of the situation, the City plans to utilize funds from the Development Charges Reserve Fund for Subsidized Housing to facilitate this acquisition.

The report emphasizes that this acquisition represents the only feasible path forward to ensure that affordable housing outcomes are realized on this site.

Following City Council’s approval, staff will expedite a City-led development process to maximize the number of affordable homes created.The report highlights the importance of this project in a city where development-ready land is scarce and emphasizes a collaborative approach to address Toronto’s housing crisis. The acquisition aligns with broader city strategies aimed at increasing affordable housing availability and responding to community needs effectively.

Overall, the acquisition at 355 Coxwell Avenue is positioned as a critical step towards enhancing affordable housing options in Toronto amidst ongoing challenges in the housing market.